New-York tribune., 1887-12-12
TEF MONEY MARKET.

UAO4VA1AL} Ay41%I4xAA~>A >A>44< 80 -
TEF MONEY MARKET.
SUNDAY Dec l1-P.M.
The movements Of money In and out Of the United
States Treasury from December to yesterday resulted
In loss 10 its cash Of s6.66o,132 nads up by re-
ducons Of 81. $50 In the amount In Its vaults and
s402s 0J2 ia the sun OF Its deposits In National banks
Silver coinage OF the ten days has amounted to about
100000. so that the sum Of legal moneT actually
added 10 the general circulation since November 80 Is
absut S2.700.OOO Tho changes In the net eash
balances in Treasury vaults since Novem-
Dor 30 made mp as follows: gold
gain Of so21s3 by contraction OF outstanding certa-
Gates OF $780, 972 less loss OF st077s9 bullion loss
ssie 297 Iesateniers by loss Of SS3s279 In notes
plus issue Of $4,000 cer,acates gaia Of $780, 636
National bank notes. principally by an accumulation OF
Si59345 Of netss In process OF rsdempiion aess OF
s.i34720 In silver (Which includes about slOooooo
additional coinage of silver dolars) BY an ISSUE OF
81 Gallo certificates less aecumulato OF s2l9 45O
oos ard bullsz OF 1t is understood that our
weekly statement Of the Treasury condition
takes no account Of Its liabilities ether
than for its trust funds; the general
annual audited liabilities. which Octsber31 amountea
to S66 75l s21, have knowledge OF only as re-
ported in the monthly staessa 1t Is the payments On
account If them reduced the net 66O132
since November 80 and that Of decrease has little
mere than kept even with accruirg liabilities The
amount Of funds had for rsde pon OF National bank
notes increased fsm November 80. so that
the balance available for OF general debts was
reduced SGs56.395.
suboinsi results o, Yesterdays statement com.
'"''" Wv" Hov 80 1887. Dec 10. 1887. Differences
Gold coin and bal.
less certificates
Ts.erve slll $50 52s slll 972.7oo Inc s92is3
ss Lane. ssSss ns Rs 1868
tifcates........ 6s5G4.s24 s7.IsO,loi Dec L4s47so
Cash in s9i4s4 si8s 2j4 Dec si75i1so
SsSEs'.......... 4es2s.G7I s7iso7io Dec. 1929 o'2
TOTAL balance sg3o 324 los 1925 663 973 $500 1872
Deiuct for funds
Nat hank D iD"ts' 1"tss
inciaGias ding .hs
per cent fund. llIO22 754 1H.2l9cl7 Inc. 1876. 1853
--- -----------
ancs. 1921 sol s5l sll44i4o56 Inc s6.856.Soo
ver coins........ 2t.!5s.oot 24l5s.s2G Dec. 4.l7s
Total balance ;59 355 81 80 5es7s2 So o573
The deposits Of Government bonds {" secure Treasury
cash deposits IN National banks were increased
202j fro November 30 to December TO- aad thsse
new aggregate i3 100000, permitting cash deposits by
the Treasury OF i4010O00. $64oo000 greater than
the amount OF deposits reported In yesterdays state
Thero Is a great deal OF needless speculative
anxiety expressed about the additional deposits In Ma
tonal banks And the references made to 1887 In con-
uecticn with either iassatel Ivy absolute and
shansfn ignorance OF the changed conditions. or by
mendacty that ia willing and seeks to cripple the
whole business Of the coHEtry for the chance of making
a profitable bear" speculation in stocks. In 1887
the GoveTameat deposits IN a few backs were
unsecured; the Government cash de-
p,sits are secured bY deposits or Govern
msnt bends, which the banks have bought and paid
for at marginal prices which the Government, under
be cl AL
retire its whole bonded debt. comparison OF the
period preceding the coAvusion OF 1887 with present
conditions is absurd for consideration, but The Neo
York Ttess reteration Of the sayings that subject OF
one OF the leading bears in Wall street last week was
taken up by a Boston hsuss and incorporated in its
weekly circular thus giving the idea, perhaps wider
circulation than it otherwise would have hal. The in
dorsement Of tho Boston house, however, did
not detract emo iota OF the aDsurdty
sf the special pleading for lower prices for
secures but it did devsop how much easier It is to
write when faucies and not facts are dictators
The events of the week we're the message OF
President Cleveland and the aln,st simultaneous re-
spon,e of Mr. Blaine Both assert the necessity Of pre-
venting further accumulation o, surplus in the Treas
ury but methods to that end as Wide apart as
the poles 1t will bs anomaly in American legislation
il under pressure OF absolute nscsssity remedy Is not
quickly applied. and it is extremely pronaole that ssme
temporary remedy will be enpoyed that Is neither in
perfsct accord with the Presidents recommen
dation, nor with Mr.. Baine's compreh ensve sug-
gestiens.
But what most interests the business CO immunity at
tho msnsnt is the question: will tho Treasury accumu.
late cash In its vaults and not whether its surplus
"a greater or smaller. Tho Treasury now holds
S1ol 646s57 in its vaults fer the purpose of
retiring that of National bank notes That sum is
part of the $s9.16i.2j4 net cash in its vaults ~
portcd in abatement above. The surrendered National
hank are beiac reduced the of 81 OO0
week or SI,OoO.O0o q month-n November the re-
dsmption amounted to 50 .Slo,030 Each month tho
Treasury issues S2.OOO,OJO silver certificates in
payment for silver bullion Here Is an
ndure month outside si the ord nary
the six months until July l. 1888. will amount to
$50 900 O0O 80 IL may la seen that Will. the surplus
during the six months may increase. 1t will be due
principally 70 rsduc ion Of the trust liabilities and he
profits conagc and not materially to an accu~ ula
are not permanent deposits. but ussd merchant
uses his bank Receipts frem Internal revenue
pots in bank; prevents temporary lock up in Treas
nry vaults, But when pay day comes around the Treas
National drppsitsres best eonvensncss the payer
Hence. Government deposits which on November 81
to s? 7i9 The difference 92s 922) has g>.,
into the Treasury vaults been reiistrbuted m
By tho operations of the subTreasury. which included
the receipt OF SSO5 900 for exchange on NswOreans
Sev cwenn. The sum Of $500 423. To-iays statement
the week shows loss In cash OF SloS5O0
whcn indicates that tse Outgs Of money sx-Treasury
WAS sonehing greater than the receipts from the ihte
rer but it IS probable that the statsnent Is made on
hank Friday evening greater than ike sum
for the week. There was contraction OF Si413oOO
the parilv OF the payment OF mercantile
paper and partly OF tho payment OF loans on
securities which were taken np and shippch 10 Europe
than tic decrease the other items call for Because OF
the decline In the deposits tie requirements OF the %
reserve res is raised 1861 AIS to $6,207200 against
Sl0s0 800 atdate OF 1856 ,ooo ,.. ~ ,o,,o..